Like Bitcoin, Litecoin adopts the Proof of Work mechanism to enable miners to earn new coins by adding new blocks to its blockchain. Instead, LTC uses Scrypt, a hashing algorithm that can generate new blocks roughly every 2.5 minutes, while the Bitcoin block confirmation time takes 10 minutes on average. Litecoin (LTC) is an altcoin founded in 2011 by former Google engineer Charlie Lee. It aimed to be the lite version of Bitcoin that enables nearly instant and low-cost payments. Litecoin adopted the code and certain features of Bitcoin in its blockchain, but it prioritizes transaction confirmation speed to facilitate a higher transaction per second (TPS) and a shorter block generation time.
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Lee describes privacy as the “next battleground” in cryptocurrency, and privacy has been his focus in almost every interview since. The Litecoin price spiked in November 2022 to around $80, then dropped back to the previous low. In all financial markets, the price often retests the last price before changing direction. Charlie has a master’s degree in computer science from MIT and worked as a software engineer for Google for almost 6 years. An avid poker player, he was one of thousands affected by the Black Friday crackdown on online poker by US authorities in 2011.
Doesa Litecoin Have a Future?
Litecoin’s founder, on the other hand, has been publicly available and active in the community. After working at Google and founding Litecoin, he also worked on the engineering side at Coinbase, one of the largest cryptocurrency What is Litecoin exchanges in the world. While Bitcoin is dealing with some serious scalability issues due to its high transaction fees, Litecoin, in theory, is able to churn out block after block and retain its lower transaction costs.
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If you plan to trade it regularly and/or use it on a daily basis there are some more convenient options. You could go with the official desktop wallet for Windows, Mac, and Linux. Following some data breaches and security incidents, you may be wondering if it’s now safe to use the well-known password manager — whether you’re a previous, current, or potential LastPass user.
- So when Litecoin first launched, the miner reward for adding a new block to Litecoin’s blockchain was 50 LTC.
- While it isn’t as popular as Bitcoin or Ethereum (ETH) in terms of market capitalization, the Litecoin community is expecting further development that can bring enhanced features and use cases.
- It’s meant to make cryptocurrency accessible and usable for everyone and is perfectly fine with taking a back-seat role to Bitcoin.
- Litecoin is a decentralized, open-source global payment network not controlled by any central authority.
- The Kraken platform offers overall lower trading fees compared to popular exchanges like Coinbase, as well as crypto deposit and withdrawal limits of up to $10,000,000 daily for Pro-level users.
- With over 24,500 cryptocurrencies listed on CoinMarketCap, what makes one stand out more than others?
- It has aspects of privacy and scalability, making it a more suitable form of payment than cryptocurrencies such as Bitcoin.
- The live Litecoin price today is $64.35 USD with a 24-hour trading volume of $249,977,075 USD.
- At first glance, Litecoin doesn’t garner much respect as a top 10 market cap cryptocurrency.
- The answer depends on what you classify as good, whether you mean the price will go up or the project will continue to succeed as a top-listed cryptocurrency.
- It’s made from the same source code known for its top-notch security protocol and serves a similar function at a fraction of the cost at faster speeds.
- An avid poker player, he was one of thousands affected by the Black Friday crackdown on online poker by US authorities in 2011.
- Litecoin is an open source software project released under the MIT/X11 license which gives you the power to run, modify, and copy the software and to distribute, at your option, modified copies of the software.
- It does this by opening a payment channel between two parties wherein multiple transactions can occur, with only the final balances being written to the blockchain by network nodes once the payment channel is closed.
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